Inability to obtain 2nd home loan

Tips and Deals Forums Home Mortgage Inability to obtain 2nd home loan

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 3 months ago.

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    Anonymous

    In*Mid-November*of this year i was informed in*Feb. 2012 i will head to a different state to follow my employment of 20 years. The home my wife and 3 kids reside in atm will be up for sale but i fear the housing market in my are will prevent me from selling very quickly. My wife will stay with the home till june 2012 when school lets out, if the house sells or if *i have a home in new state before the house sells.
    *
    In 2008 times got hard for us with my wife midway thru school and a*slew of weeks laid off from my employment. I was robbing 1 credit card to pay for the others. It finally came to a head in*mid 2008*and i could no longer juggle the mess i had made. We contacted the 4 credit card companies with help from a debt negotiater and settled
    for “less than owed”. All were paid off by the end of 2010. I am not proud of doing this but ashamed i couldn’t handle my obligations fully.
    *
    By Oct 2010 my wife had graduated and passed her boards and since been with the same employer. For 15 years we were a 1 income family. With her career started we have doubled our income. Things have been so much easier. We have a nice savings and have sworn off credit cards. I do have 1 card i received last year to help the
    rebuilding of our credit. Its never used. I make the 10$ monthly service charge just to keep the acct up to date. A death in the family in Oct 2011 had me pre-occupied and i missed 1 10$ payment 30 days past due. We have a car payment for 380 a month and 500 a month in student loans. Our home is worth 110,000 and we are owe 95,000 on the note.*7.625 is the*interest rate. 900.00 a month payment. We had 1 payment late in August 2010.
    *
    Would my wifes income count on a purchase in another state? She is a traveler in the medical field.
    Would refinancing current home affect my credit?
    My mid fico Trans-621** My wifes mid fico*Trans-629
    DTI Front end 11%* Back end 20%
    59k in Retirement acct. can borrow half for downpayment at 68$ per week for 10 years. 8k in savings acct.
    Any ideas or info is appreciated.

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